GameStop CEO Hints at Crypto Payments, Defends $513M Bitcoin Acquisition as Inflation Shield
Key Takeaways:
- GameStop plans to enable crypto payments for trading cards, citing practical use over speculation
- CEO Ryan Cohen describes the $500 million Bitcoin purchase as a long-term hedge against inflation
- Past regulatory setbacks shape a cautious and customer-focused crypto rollout
GameStop will allow customers to pay for trading cards using cryptocurrency, CEO Ryan Cohen announced during an exclusive interview on CNBC’s Squawk Box.
He also defended the company’s $513 million Bitcoin purchase, calling it a strategic hedge against inflation rather than a move to follow crypto trends.
What Is GameStop’s Plan for Bitcoin and Digital Assets?
Cohen said GameStop is shifting attention to trading cards and collectibles due to rising hardware costs and changing customer preferences. He believes cryptocurrency can add value in these areas if users embrace it.
“We’re exploring the opportunity to buy trading cards using cryptocurrency,” Cohen stated, adding that the company will review multiple tokens instead of relying only on Bitcoin or Ethereum.
This isn’t GameStop’s first attempt to enter the crypto space. The company launched an NFT marketplace and a proprietary wallet in early 2023, but shut both down by November of that year. Regulatory concerns drove those closures, and Cohen said those lessons now guide the company’s more cautious and focused crypto strategy.
GameStop will only move forward with crypto payments if customers find them useful. Cohen stressed that the company aims to offer digital tools where they make sense, not for buzz, but for real utility.
Bitcoin Buy Anchored in Inflation Defense
On May 28, GameStop bought 4,710 Bitcoin at an average price of around $109,000 per coin, totaling approximately $513 million.
The company used part of the proceeds from a $1.5 billion convertible note offering to fund the purchase. Cohen said this was a deliberate move to protect the company’s cash reserves from inflation and currency dilution.
He made it clear that GameStop’s approach differs from firms that aggressively load their balance sheets with crypto.
While Strategy’s Michael Saylor continues to push Microsoft to use Bitcoin as a replacement for share buybacks, Cohen said GameStop’s strategy is based on risk control and opportunity, not ideology or headlines.
Saylor’s push hasn’t found wide support. Dell Technologies, for example, recently dismissed a shareholder proposal that called for exploring Bitcoin as a reserve asset. US regulators approved Dell’s decision, allowing the company to maintain control over its financial strategy.
In contrast, GameStop is charting a middle course. It treats Bitcoin as a long-term store of value and explores how crypto payments naturally fit into its business model.
In the CNBC interview, Cohen explained that the company’s balance sheet, now holding over $9 billion in cash and marketable securities, gave it the flexibility to make a high-conviction move with limited downside.
Cohen said the company is not chasing fads. GameStop will expand its crypto involvement only if customers respond and regulations allow. For now, digital assets are a strategic tool, not the center of its business, but a part of its future.
Jimmy Aki
Drawing from his background in economics, Jimmy has monitored blockchain development for years, firmly believing in its power to democratise finance. Beyond offering commentary on the latest crypto developments, he also spends his time analysing open-source codes of promising projects on GitHub. Jimmy holds Bitcoin and Ethereum.
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